Brought to you by MyCurrencyTransfer.com “The Fairest Deal on currency”<\/strong><\/p>\n Foreign exchange is a confusing subject at the best of times. Whether you are sending \u00a3500 or \u00a3500,000 overseas the FX jargon can be particularly daunting. There\u2019s nothing worse than looking everywhere for a simple answer and not finding one. This is why the editorial team at MyCurrencyTransfer.com have come up with the simple answers to the question on everyone\u2019s lips. \u201cWhat is the FSA? What have they got to do with foreign exchange companies? Does my foreign exchange specialist need to be FSA Authorised\u201d Well, to see the answer to these questions and a couple more, read on.<\/p>\n FSA stands for the Financial Services Authority. They are the regulators of the financial services industry in the UK. The FSA are an independent non-governmental body funded by the firms they regulate. In short, the FSA describe their statutory objectives as covering:<\/p>\n Until recent times, FX has been largely unregulated. HMRC were largely responsible for Anti Money Laundering but there was little other scrutiny on the financial state of companies. This has changed and helps to protect the safety and security of funds. Foreign exchange companies are dealing with your money and personal details and because of this need to behave in certain ways. It would be very easy for fraudulent money service businesses to pop up and take your money or for an unstable company to collapse and take your money with it. You only have to look at the unfortunate collapse of Crown Currency Exchange. The FSA now regulates foreign exchange companies so that your money is protected.<\/p>\n If a company is FSA authorised then the FSA have checked that they:<\/strong><\/p>\n Companies have to be authorised if they transact amounts in surplus of \u20ac3 million per month. However, smaller companies who transact less than this only have to be registered not authorised. This is a far simpler process and does not place the money service business under the same financial and regulatory scrutiny.<\/p>\n In a nutshell it would be foolish not to. It\u2019s your money and for that reason you should probably want to keep it nice and safe when sending money overseas. If you don\u2019t use FSA regulated companies then anything there\u2019s no safety net to fall back on if something does go wrong. Checking our comparison tables at MyCurrencyTransfer.com will show a comprehensive list of FSA authorised foreign exchange companies help find you the best deal on your currency transfers<\/a>.<\/p>\n We hope you now have a better understanding on who the FSA is and what they do. Remember: Before handing money over to any financial service make sure that they\u2019re credible and trustworthy.<\/p>\n TOP TIPS<\/strong><\/p>\nWhat is the FSA?<\/h2>\n
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What have the FSA got to do with foreign exchange companies?<\/h2>\n
What does FSA authorised mean?<\/h2>\n
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What is FSA registered? Is this the same as authorised?<\/h2>\n
Do I have to use FSA authorised\/registered foreign exchange companies? Where can I find them?<\/h2>\n